Anglo to cut 350 jobs

Anglo Irish Bank is seeking 350 redundancies between now and the end of next year, 130 of them in Ireland.

The redundancies are planned as the nationalised rogue lender aims to shut its doors for good by 2020.

The bank said it hopes to secure the lay-offs on a voluntary basis but said it accepted some compulsory job losses would occur.

In a statement, Anglo said: “It is the bank’s intention to achieve this headcount reduction in a number of ways, namely via the disposal of certain businesses such as the US loan book and wealth management division, the completion of specific projects, and the implementation of redundancies across a number of categories of staff in Ireland and the UK.”

Anglo, which incorporated business from bust building society Irish Nationwide earlier this year, is expected to officially take on the new name Irish Bank Resolution Corporation Limited this autumn.

The jobs will go across the entire group, Anglo said.

The bank has completed a review of its operations, which has cemented a five-year deadline for the orderly wind-down of the UK commercial loan book.

Other key milestones include plans for a 10-year wind-down of the Irish commercial loan book but a five-year deadline is also being considered, depending on market conditions.

It is also aiming to close the book on Irish residential loans in five years.